The Ten Common Start-Up Bookkeeping Mistakes Part 1

Starting your own business is a great way to manage your career. You will be able to choose your own path, plan your own business directions, come up with various marketing strategies and ways to advertise your business, and create a more definite picture of your future goals.

However, every successful business may experience mistakes or bigger failures. Fortunately, most often than not, failures and various business mistakes can be prevented from happening. One best way to prevent such is by means of knowing and learning more about the common mistakes that businesses of various industries experience.

In the field of bookkeeping, there are the ten common start-up bookkeeping mistakes that should be prevented. We have gathered the information below:

TO CONTINUE IN DOING NOTHING UNTIL IT IS TOO LATE

This is probably the most common mistake in the field of bookkeeping. Admit it, bookkeeping is most of the time so tiring that you just want to rest your brain cells away from it. However, it is also the same fact and a part of the reasons why people need you and why they're requesting for your services.

Doing nothing lets the work load pile up. The more you tend to procrastinate, the more work will remain stagnant. Hence, in the long run, your date will be due and you will have no choice but to do everything and work each out the same day. Thus, mistakes on computations and low quality of services occur.

NOT USING A SOFTWARE

Whatever you do, do it with software. Not using one makes things harder for you. More so, using a tool for your bookkeeping tasks is much more convenient. If for instance you do not have a special bookkeeping tool, then you can use Microsoft Excel. It is not a specialized tool, but would make your work faster and easier compared to doing everything on hand, not to mention that an excel sheet is easier to forward via email.

NOT HAVING A SEPARATE BANK ACCOUNT

Mixing your personal and business accounts makes finances more difficult for you to manage. We suggest that it would be better if you have a separate bank account for your business where client payments get through. More so, you will definitely need a separate bank account for the taxes; hence, your accountant will handle such transaction.